HSI Energy Resources Limited has entered into a Collaboration Agreement with Eastlake Exploration & Production Limited (Eastlake), effective October 2023 on an oil and gas exploration and production project in the Barracuda Field in OML-141 located in the Offshore Continental Shelf, Niger Delta, Bayelsa State, Nigeria. This marks a significant leap forward in the development of the OML-141 NW (Barracuda Field) Project.
On October 30, 2023, Eastlake Exploration & Production Limited officially entered into an agreement with Emerald Energy Resources Limited, acting as the Operator of OML 141 on behalf of the Joint Interest Owners—Emerald Energy Resources Limited, Amni Oil and Gas Limited, and Bluewater Oil and Gas Investments Limited. Under this agreement, Eastlake will serve as the Technical and Financial Services Provider, offering specific technical and financial services for the development of fields and prospects within the OML-141 NW Project area.
The primary objective of this strategic partnership is to jointly explore, develop, and operate the oil and gas reserves within the Barracuda Field (OML 141 NW) in two clear Phases.
Phase 1 – This entails pivotal activities such as subsurface studies, drilling and extended well testing of Barracuda 5, and the preparation of a Field Development Planning (FDP).
Future Development Phases – In a success case post Phase 1, Phase 2 will commence as a full Field Development and will be executed under a separate consortium agreement in all aspects of the project which will be negotiated and agreed to by the Parties.
This Collaboration agreement underscores HSI’s commitment to strategic alliances that can foster project delivery and operational excellence. As this Collaboration unfolds, HSI and Eastlake anticipate the successful realization of the project’s objectives. This venture represents a significant stride towards the development of the OML-141 NW (Barracuda) Field, reaffirming their joint commitment to delivering value to all stakeholders and advancing the growth of the Oil & Gas sector.